{"id":277702,"date":"2023-07-03T22:31:10","date_gmt":"2023-07-03T21:31:10","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=277702"},"modified":"2023-07-03T22:31:10","modified_gmt":"2023-07-03T21:31:10","slug":"tinubu-govt-announces-plan-to-collect-tax-from-market-traders-informal-sector","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/07\/03\/tinubu-govt-announces-plan-to-collect-tax-from-market-traders-informal-sector\/","title":{"rendered":"Tinubu govt announces plan to collect tax from market traders, informal sector"},"content":{"rendered":"<p>President Bola Ahmed Tinubu government has announced the Value Added Tax Direct Initiative to enable FG to collect taxes from the informal sector.<\/p>\n<p>The Federal Inland Revenue Service, <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/06\/30\/first-transshipment-vessel-berths-at-lekki-port\/\" target=\"_blank\" rel=\"noopener\">FIRS<\/a>, disclosed this in a statement through its Twitter handle on Monday.<\/p>\n<p>FIRS is expected to partner with the Market Traders Association of Nigeria, MATAN, to collect &amp; remit VAT from their members, especially those in the informal sector.<\/p>\n<p>\u201cA collaboration between FIRS and MATAN to promote awareness on VAT collection and remittance in the marketplace and informal sector, while simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform\u201d.<\/p>\n<p>The statement added that \u201cThis will also boost VAR revenue generation for the three tiers of government, which in turn means more money to fund infrastructure and social amenities.\u201d<\/p>\n<p>According to the National Bureau\u2019s latest report, Nigeria collected N1.18 trillion as VAT and company income tax in the first quarter of 2023.<\/p>\n<p>The Debt Management Office recently advised that Nigeria needed to increase its tax net to sustain its increasing debt burden hovering around N49.85 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Bola Ahmed Tinubu government has announced the Value Added Tax Direct Initiative to enable FG to collect taxes from the informal sector. The Federal Inland Revenue Service, FIRS, disclosed this in a statement through its Twitter handle on Monday. FIRS is expected to partner with the Market Traders Association of Nigeria, MATAN, to collect [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":270967,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[67583,67585,67584,8051,65361],"class_list":["post-277702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-collect-tax","tag-informal-sector","tag-market-traders","tag-plan","tag-tinubu-govt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tinubu govt announces plan to collect tax from market traders, informal sector<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/03\/tinubu-govt-announces-plan-to-collect-tax-from-market-traders-informal-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu govt announces plan to collect tax from market traders, informal sector\" \/>\n<meta property=\"og:description\" content=\"President Bola Ahmed Tinubu government has announced the Value Added Tax Direct Initiative to enable FG to collect taxes from the informal sector. 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